Sam’s Club entering the home improvement business, competing with Home Depot, Lowe’s

Sam’s Club entering the home improvement business, competing with Home Depot, Lowe’s

To lure in more consumers, Sam’s Club is offering members an additional discount on everyday dealer pricing as well as a financing option through Service Finance Dealers.  The service is said to connect members with local home improvement contractors who offer a range of services from HVAC, roofing, siding, window and door installation to bathroom and kitchen renovations and flooring products.   Two architects remodeling an apartment. (iStock)

CLICK HERE TO READ MORE ON FOX BUSINESS Ticker Security Last Change Change % WMT WALMART, INC. 139.80 +0.77 +0.55%LOW LOWE’S COS., INC. 188.78 -1.82 -0.95%HD THE HOME DEPOT, INC. 308.31 +0.97 +0.32%

To try and catch up, the members-only club, in collaboration with Service Finance Company, LLC, a subsidiary of ECN Capital Corp., announced plans to launch Sam’s Club Home Install Experts by Service Finance. It’s a market that’s currently dominated by other heavy hitters in the industry although the two biggest names, Lowe’s and The Home Depot, only account for 30% of it, according to Liz Suzuki, senior hardlines retail analyst at Bank of America Securities.

Home Depot and Lowe’s, two of the largest U.S. retailers in 2020, pulled in $132 billion and $90 billion, respectively, according to Suzuki. “As a result of a combination of more time at home, favorable household formation trends, and strong household balance sheets, demand for a wide range of home improvement projects has remained at elevated levels over the last year,” Suzuki said in a research note.  GET FOX BUSINESS ON THE GO BY CLICKING HERE  

Suzuki estimated that U.S. home improvement sales and services hit approximately $767 billion throughout 2020, which is “equivalent to about the 20th largest economy in the world.”  Over the past year, the home improvement business was booming, especially when Americans were waiting out lockdown orders from the confines of their homes.  

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